Dominion Energy — Third-Quarter 2026 Earnings Summary

Financial Performance:

• GAAP net income for the three months ended September 30, 2026, was $1.2 billion ($1.30 per share), compared to $1.0 billion ($1.16 per share) in the same period in 2025.
• Operating earnings (non-GAAP) for the three months ended September 30, 2026, were $1.1 billion ($1.28 per share), compared to $921 million ($1.06 per share) in the same period in 2025.
• Operating revenue for the three months ended September 30, 2026, was $5,617 million, up from $4,527 million in the same period in 2025.
• Operating revenue for the nine months ended September 30, 2026, was $15,116 million, up from $12,413 million in the same period in 2025.
• Net income attributable to Dominion Energy for the nine months ended September 30, 2026, was $2,121 million, down from $2,431 million in the same period in 2025.
• Reported earnings per share (diluted) for the nine months ended September 30, 2026, were $2.37, down from $2.81 in the same period in 2025.
• Operating earnings per share (non-GAAP, diluted) for the nine months ended September 30, 2026, were $3.02, up from $2.74 in the same period in 2025.
• Adjustments to reported earnings for the nine months ended September 30, 2026, totaled $577 million, driven by a $719 million charge for nonregulated asset impairments (including $820 million for renewable natural gas facilities and $79 million for solar generation facilities) and a $315 million net market benefit from nuclear decommissioning trusts and hedging activities.

Guidance and Future Outlook:

• The company expects to be in the top half of the 2026 operating earnings guidance range of $3.45 to $3.69 per share.
• Dominion Energy reaffirmed its existing operating earnings, credit, dividend, and long-term growth guidance.
• Management noted it cannot estimate the aggregate impact of items such as hedging activities, nuclear decommissioning trust funds, pension impacts, or extreme weather events on future reported earnings, and therefore cannot provide a corresponding GAAP equivalent for its operating earnings guidance.

Business Segments and Product Lines:

• Dominion Energy Virginia operating earnings increased by $183 million ($0.19 per share) in the third quarter of 2026 compared to 2025, with year-to-date increases of $413 million ($0.41 per share). Key drivers included $137 million from the 2025 Biennial Review impacts and $112 million from the rider equity return.
• Dominion Energy South Carolina operating earnings increased by $62 million ($0.06 per share) in the third quarter of 2026 compared to 2025, with year-to-date increases of $32 million ($0.02 per share). Key drivers included $46 million from base and RSA rate case impacts and $36 million from weather.
• Contracted Energy operating earnings decreased by $31 million ($0.04 per share) in the third quarter of 2026 compared to 2025, with year-to-date decreases of $37 million ($0.06 per share).
• Corporate and Other operating earnings increased by $4 million ($0.01 per share) in the third quarter of 2026 compared to 2025, but decreased by $83 million ($0.09 per share) year-to-date.
• The company is a leading developer of regulated offshore wind and solar power and the largest producer of carbon-free electricity in New England.

Market and Competitive Landscape:

• The press release does not contain specific data on market share, direct competitor comparisons, or specific market trend analysis beyond general references to competition in the industry.

Risks and Challenges:

• Significant risks include the ability to complete the proposed merger with NextEra Energy, including obtaining regulatory approvals and potential termination of the merger agreement.
• Risks associated with the Coastal Virginia Offshore Wind (CVOW) commercial project include construction timeline delays, cost overruns, and the ability to recover costs from customers.
• Risks include unusual weather conditions, extreme weather events, natural disasters, and the impact of these events on energy sales and commodity prices.
• Risks related to nonregulated asset impairments, such as the $820 million charge for renewable natural gas facilities and $79 million for solar generation facilities.
• Risks include changes in federal, state, and local legislative, regulatory, and tax laws, as well as changes in regulated rates and RTO/ISO rules.
• Risks associated with the concentration of data center demand in Loudoun County, Va., and the ability to obtain necessary permits for new facilities.
• Risks include counterparty credit risk, fluctuations in energy commodity prices and interest rates, and changes in credit ratings.

Management Commentary and Tone:

• Management stated that operating earnings provide a more meaningful representation of the company's fundamental earnings power.
• The company expects to be in the top half of its 2026 operating earnings guidance range.
• Management reaffirmed existing guidance for operating earnings, credit, dividend, and long-term growth.

Other Key Points:

• The company will host its third-quarter 2026 earnings call on October 30, 2026, at 11 a.m. ET, with a live webcast and telephonic dial-in options available.
• Dominion Energy serves 3.6 million homes and businesses with regulated electricity in Virginia, North Carolina, and South Carolina, and 500,000 customers with regulated natural gas in South Carolina.
• The company holds a 50% noncontrolling interest in the CVOW commercial project, presenting risks related to lack of sole decision-making authority and potential disputes with third-party participants.
• Adjustments to reported earnings for the nine months ended September 30, 2026, included $39 million in merger-related costs.
• The calculation of reported and operating earnings per share includes the impact of preferred dividends associated with Series C preferred stock of $11 million per quarter.